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Consent to Let Property - Only Allowing Interest Only!
Lisa1978
Posts: 317 Forumite
Hi,
I have had a consent to let mortgage with Santander the last few years. It is coming to expiry in sept 22. I rang today regarding rates and have been advised that due to affordability i can only continue how i am which is part Interest only and part repayment. The monthly payment is £300 a month. I also pay an overpayment of £200 as wanted to pay £500 a month.
The term left is 10 years and i asked could i convert it all to repayment and pay over 15 years but they said no. Any advice welcome.
LTV is not much. Mortgage £80k, valuation £100k.
I have had a consent to let mortgage with Santander the last few years. It is coming to expiry in sept 22. I rang today regarding rates and have been advised that due to affordability i can only continue how i am which is part Interest only and part repayment. The monthly payment is £300 a month. I also pay an overpayment of £200 as wanted to pay £500 a month.
The term left is 10 years and i asked could i convert it all to repayment and pay over 15 years but they said no. Any advice welcome.
LTV is not much. Mortgage £80k, valuation £100k.
0
Comments
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Just carry on over paying as much as you are allowed to (usually 10% of the balance) and treat it like a repayment."You've been reading SOS when it's just your clock reading 5:05 "2
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